building at 230 East 79th Street

Per www.bidonthecity.com an apt is available at an absolute auction.
230 East 79th Street 18f, New York City
Original Price:$659,000 Starting Bid:$439,000 (Absolute Auction)
BIDDING DATE: 12/01/2009 01:15:00 PM EST, 2 weeks, 4 days remaining

Looks like that apartment is still on the market, asking $445k. http://streeteasy.com/nyc/sale/485706-coop-230-east-79th-street-upper-east-side-new-york

What do people think of the value proposition here - buying into a building majority-owned by the sponsor, but getting a lower cost? How low do you think it needs to go in order to be worth it?

There are tons and tons of sub $2700 one bedrooms in doorman buidlings off of Third ave right?

This is the most saturated real estate market in manhattan, so i think someone can find comparables with working utilities..

good luck with that.

Mike, I'm guessing based on your name that you are 40 or 41 years old, but based on your complaint placed here that you are 22.

Mike1971
16 minutes ago
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This is the most saturated real estate market in manhattan, so i think someone can find comparables with working utilities..

There are 4 in prime UES (2nd ave to Lex 66th-86th) with doorman under $2800. You get what you pay for.

Saturated?

And one is available in August, the other in September. So in reality, there are two.

That wasn't supposed to be a homework assignment for you Jim, find something better to do with your time than factcheck street easy posts. Its the UES of NY, there's plenty of choices in this area regardless of what you find on your search... the point is, a prospective buyer/renters may want to know that things aren't exactly as advertised here and may want to pay a little more for complete utilities.. (or not)

poor mikeyboy

Using streeteasy is for amateurs. I've got a far more robust database.

Yes, it is for amateurs.

look, i didn't post here to argue and trade barbs with "professionals"... (though I'm sure your robust database is really cool Jim)

I just live in a building where they are supposed to offer things that they don't. Interested parties should simply be aware, b/c you pro's who show these properties typically don't expose these issues when trying to rent or sell, which i understand. But that is exactly why these forums are useful. So people can be informed and know whats under the surface. Even if it is just an AC issue...

Its's "pros" like Jim that would rather have the unsuspecting not know.

Brooks, you must be lonely with columbiacounty and inododo around.

Jim, remember you and Brooks2 agree with each other on politics.

Since ar, cc and dodo have been ousted, brooks must be next.

curious if the fact this building is majority sponsor owned prevents these apts from appreciating/makes them harder to resell? also, MIKE1971: are you still having ac/heat issues?

At http://worldonefinancial.com/wp-content/uploads/2012/10/coop-listing-citi-2012.pdf it's listed as "DECLINED" and "NO WAIVERS".

I don't know that mortgage-lender lingo, but doesn't sound as if financing would be easy.

thanks nwt. that's all i need to hear ;)

To be factual as there are many non factual comments about this building on this post / thread by someone who I imagine does not or has not lived in the building. I am happy to speak to anyone who has questions about this building and will answer factually. For example, the sponsor currently owns less than 59% of the building and is in process of selling down to 49% for the sole reason that as a result, banks will no longer need a waiver to finance into this building. Citibank and Sovereign are current and active lenders for this building. To address this supposed A/C and heat issue, the A/C was out two days last year due to refurbishment of the the system. I can get the residents of the 106 units in this building to testify to this fact. The heat has never had a problem. Do not let a random basher who does not live in the building influence you with non factual information. I am willing to provide my contact info – let’s see if the basher would do the same (which is always the best way to flush out the facts). Happy to help - Holbrook (holbrookf@gmail.com)

Yes, I do still live in the building and no i will not identify myself on a open forum like this. If I was really trying to fool anyone i could set up a fake email like holbrookf@gmail.com and tell everyone i am willing to provide contact info - cause this automatically makes someone a "factual" source?

Regarding the Heat/AC: never had heat issues, but AC problems persist. Ofcouse it's April now, so we'll see how this summer goes. But 2012 was no different than any of the prior summers. AC goes down about one weekend every month, when in heavy use and over 90degrees out. Watching residents hauling in portable ac units and buying extra fans is the norm from June-Sep... Anyone who denies this is just trying to hide facts from prospective buyers. What we need is a brand new system and a stop to these patches... to be factual.

This is a crap building, one of the worst in the city.

It's run by a single-person Sponsor / Managing Agent / Board who must be 80-yrs old by now and his interests versus those of conventional owner/occupiers is clear :

* the building is out of the 1950's - lobby, hallways, elevators;

* HVAC is antiquated, so says Mike;

* the building was declared "UNSAFE" in Local Law 11 façade work 2 months ago (up goes the scaffolding);

* you can't sublet, you can't have pets

Any update on this building? There is a reasonably priced studio, that if photos are to be believed, is in good condition and nicely renovated (at least in part). But it's been on and off the market for over 2 years! cash only offers. Any thoughts as to why? thanks.

Things are really weird in this building. We were very interested in 11C many months ago but seeing now that it still hasn't sold, I'm unsurprised. Even the broker at the open house seemed exhausted having received multiple board rejections. Things are just very very off. And on top of that things feel a little run down and outdated in common areas, making that high maintenance seem hard to rationalize for a non-land lease.

Have things improved in this building? Has the AC been fixed? The board?